CalPERS has issued an RFP for a real estate investment consultant, confirmed spokesman Clark McKinley.
The contract with incumbent Pension Consulting Alliance expires Dec. 31.
Responses are due Sept. 7, with finalist interviews tentatively scheduled for sometime in December. At its Aug. 15 meeting, members of the investment committee will be asked to extend PCA's contract to March 31, 2012.
Also at the Aug. 15 meeting, the investment committee will consider a new asset allocation that would boost the Sacramento-based California Public Employees' Retirement System's global equities allocation by one percentage point, to 50%, according to agenda materials.
The change in global equities is part of the proposal that also would temporarily lower the $235.9 billion system's real estate target allocation to 8%, as reported Wednesday.
If adopted, these small changes “reflect market developments since the policy targets were adopted last December,” stated Mr. McKinley in an e-mailed response to questions.
Also on Aug. 15, the investment committee will consider moving its Fan Long Only strategy to its global equity fund portfolio from its equity developmental program and increasing the allocation to up to 1% of its $108 billion global equity portfolio, or to roughly $1 billion from $100 million.
The portfolio is managed collaboratively with Stephen C. Fan, president and chief investment officer of investment manager Fan Asset Management, and is based on Mr. Fan's investment principles and stock ranking models.
Separately, the system committed $100 million to long-short global equity hedge fund Standard Pacific Eureka Fund, according to information on CalPERS' website.